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PDF2005 Fall TEN Magazine FEDERAL RESERVE BANK OF KANSAS CITY On The FALL 2005 Cover:THE GREENSPAN ERA LESSONS FOR THE FUTURE.......................................................................18 During his years at the helm of the Federal Reserve System, Chairman Alan Greenspan has been at the center of discussions on monetary policy ideas and issues. This year the Federal Reserve Bank of Kansas City’s 29th economic policy symposium focused on lessons of his tenure and how they can guide central bankers for years to come. FEATURES CLOSING THE GAP: COMMUNITY COLLEGES EMERGE AS ADVANTAGE FOR RURAL LEARNING ................................4 While rural students are pursuing diverse careers, what many have in common is their choice of educational institution: community colleges. A BREACH OF TRUST: PROTECTING PRIVACY IN THE AGE OF ELECTRONIC PAYMENTS ..............................................8 Questions concerning data security have been around for years, long before a number of breaches this year resulted in millions of consumers’ personal data being exposed. How do financial institutions best protect consumers? ‘IF YOU BUILD IT, THEY WILL COME’: ENTREPRENEURSHIP AND COMMUNITY DEVELOPMENT 12 Oklahoma City’s Bricktown neighborhood’s economic success is home-grown. Is the city’s model of fostering an entrepreneurial environment an example from which other communities could learn? HOUSE AND HOME: THE SURGE IN DENVER’S LOW- AND MODERATE-INCOME MORTGAGE LENDING ....................26 Changes in Denver’s home lending and mortgage markets have been spurred on by a number of factors. But how have local families with low and moderate incomes fared in obtaining financing and increasing their rate of home ownership? DEPARTMENTS 1 PRESIDENT’S MESSAGE 32 NOTES 34 ABOUT... 37 FED DIRECTORY President’s message The Jackson Hole Symposium he Federal Reserve Bank of Kansas “Monetary Policy City hosted its 29th annual economic Issues in the 1980s” was policy symposium in late August. the first step toward the T Once again, our Bank was honored to symposium’s current host in the Tenth Federal Reserve District a structure. Held for the distinguished gathering of central bankers, first time at our now-tra- policymakers and economists. ditional location of Over the years, we believe the symposium Jackson Hole, Wyo., the has provided a valuable forum for the exchange 1982 symposium was the of ideas on important public policy issues of first to be attended by a interest to central banks around the world. The Federal Reserve chair- symposium’s continuing success is due to the man, then Paul Volcker, contributions of all those who participate, and the first to include including authors of the papers presented dur- international central ing the symposium, discussants, panelists and bankers, with presentations by representatives audience members. from the Bank of Canada and the Deutsche Generally, the symposium does not focus on Bundesbank, the German central bank, which, the immediate issues facing policymakers. in 1982, had the distinct address of West Instead, we look to create a discussion about the Germany. broad issues that monetary policymakers around In 1990, the symposium provided policy- the world will face in the months and years to makers with a unique opportunity months after come. Symposium topics in recent years have the world witnessed the fall of the Berlin Wall. ranged from the economic impacts and policy “Central Banking Issues in Emerging Market- challenges of global demographic change, to eco- Oriented Economies” included presentations by nomic policy for the information economy. seven Eastern European central bankers and the This year’s event, “The Greenspan Era: chairman of the board of the State Bank of the Lessons for the Future,” was attended by lead- U.S.S.R. that focused on economic reform pro- ers from 28 of the world’s central banks, a grams underway in each of those nations. group literally spanning the globe from Presentations from Western economists were Argentina to China and including a number of focused on possible solutions to the problems U.S. Federal Reserve Bank presidents, gover- identified by the central bankers. At a unique nors and economists. juncture in world history, the 1990 symposium The origin of our economic symposium helped to further the dialogue between policy- dates back to 1978 when the Bank hosted makers in the East and West. “World Agricultural Trade: The Potential for Policymakers were again offered a unique Growth” in Kansas City. opportunity during our 1997 symposium, The symposium would retain its agricultur- “Maintaining Financial Stability in a Global al focus for the next three years until the initial Economy.” Although the symposium had been monetary policy symposium was held in 1982. —continued on page 2 FALL 2005 . TEN 1 Federal Reserve Bank of Kansas City Symposium Series 1978 World Agricultural Trade: The Potential for Growth (Kansas City) 1979 Western Water Resources: Coming Problems and the Policy President’s Alternatives (Denver, Colo.) message cont. 1980 Future Sources of Loanable Funds for Agricultural Banks (Kansas City) 1981 Modeling Agriculture for Policy Analysis in the 1980s (Vail, Colo.) 1982 Monetary Policy Issues in the 1980s (Jackson Hole, Wyo.)* 1983 Industrial Change and Public Policy 1984 Price Stability and Public Policy 1985 The U.S. Dollar—Recent Developments, Outlook and Policy Options 1985 Competing in the World Marketplace: The Challenge for American Agriculture (Kansas City) 1986 Debt, Financial Stability and Public Policy 1987 Restructuring the Financial System 1988 Financial Market Volatility Jackson Hole, Wyo., home to the Federal 1989 Reserve Bank of Kansas City’s economic Monetary Policy Issues in the 1990s symposium. 1990 Central Banking Issues in Emerging Market-Oriented Economies —continued from page 1 1991 Policy Implications of Trade and Currency Zones in the planning for nearly a year, the event was held only a month after the devalua- 1992 Policies for Long-Run Economic Growth tion of Thailand’s currency—the starting 1993 point of what would become known as the Changing Capital Markets: Implications for Monetary Policy Asian currency crisis. Against this back- 1994 Reducing Unemployment: Current Issues and Policy Options drop, the presentations at our 1997 event, including those by central bankers from 1995 Budget Deficits and Debt: Issues and Options Argentina, Japan and Sweden that focused 1996 on previous financial crises in each of those Achieving Price Stability nations, were especially significant. 1997 Maintaining Financial Stability in a Global Economy You can read the full proceedings from the 1997 symposium, as well as proceedings 1998 Income Inequality: Issues and Policy Options from each of our symposiums since 1995, on the Bank’s website: www.KansasCityFed.org. 1999 New Challenges for Monetary Policy We are currently converting the proceedings from symposiums prior to 1995 into an elec- 2000 Global Economic Integration: Opportunities and Challenges tronic format and will be making them avail- 2001 able on our website within the next few Economic Policy for the Information Economy months. Meanwhile, you can read about this 2002 year’s event in this issue of TEN. Rethinking Stabilization Policy 2003 Monetary Policy and Uncertainty: Adapting to a Changing Economy 2004 Global Demographic Change: Economic Impacts and Policy THOMAS M. HOENIG, PRESIDENT Challenges FEDERAL RESERVE BANK OF KANSAS CITY 2005 The Greenspan Era: Lessons for the Future 2 FALL 2005 . TEN *After 1982 symposium, all events held in Jackson Hole except the second 1985 event held in Kansas City. LOOK ONLINE FOR THESE PUBLICATIONS FROM THE FEDERAL RESERVE BANK OF KANSAS CITY ECONOMIC REVIEW www.KansasCityFed.org/EconomicReview A quarterly research publication focusing on economic issues of relevance to the Federal Reserve, including macroeconomics and monetary policy, financial markets, regional and international economics, and rural economic studies. MAIN STREET ECONOMIST www.KansasCityFed.org/MSE A monthly publication from the Bank’s Center for the Study of Rural America focuses on issues facing rural America, its agricultural economy, and regional development. FINANCIAL INDUSTRY PERSPECTIVES www.KansasCityFed.org/Perspectives An online periodical from the Supervision and Risk Management Division containing articles reporting on a variety of banking issues and topics. PAYMENTS SYSTEM RESEARCH BRIEFING www.KansasCityFed.org/PSR-Briefing Produced three times annually, the publication focuses on a range of payments topics, including methods of payments, developments in payments networks, and various participants’ roles in the payments system. www.KansasCityFed.org CLOSINGCOMMUNITY COLLEGES EMERGE AS ADVANTAGETHE FOR RURALGAP LEARNING BY TONI LAPP, SENIOR WRITER onathan Fletchall of Pittsburg, Kan., is learning about motorcycle mechan- ics. Tyler Van Meter of Cheyenne, Okla., is learning about global position- ing system technology used in tractors. Benson Begay of Gallup, N.M., is J learning to advocate for victims in the Navajo Nation legal system. While these rural students are pursuing diverse careers, what they have in common is their choice of educational institution: community colleges. At these institutions, students can earn president and economist with the Bank. “They associate in applied science degrees, which con- provide precisely the skill-based degrees and cer- fer very specific training tailored to an industry tifications that fit the demand of employers.” or avocation. Rural
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